The National Company Law Appellate Tribunal (NCLAT) has cleared the way for the Adani Group to acquire Jaiprakash Associates for approximately ₹14,500 crore. In a significant ruling delivered on May 4, 2026, the NCLAT dismissed an appeal filed by Vedanta Limited, which had challenged the selection of Adani Enterprises as the successful bidder for the financially distressed company.
A two-member NCLAT bench, comprising Chairperson Ashok Bhushan and Technical Member Barun Mitra, found “no merit” in Vedanta’s appeal. The tribunal’s decision upholds the choice made by the Committee of Creditors (CoC) to back Adani’s resolution plan, thereby affirming the earlier order of the National Company Law Tribunal (NCLT) from March 2026.
Vedanta's Challenge and CoC's Stance
Vedanta Limited had contested the NCLT's decision, arguing that its own revised bid, reportedly valued at nearly ₹17,926 crore, offered a significantly higher return to creditors compared to Adani’s approved ₹14,535-crore plan. The company alleged a lack of transparency in the bidding process and claimed that the CoC failed to adequately evaluate its revised offer.
However, the appellate tribunal sided with the CoC, emphasizing that the lenders’ decision fell within their “commercial wisdom” and therefore did not warrant judicial interference. The CoC had previously contended that Vedanta’s revised proposal was submitted after the prescribed deadline and after details of competing bids had become known.
Background of Jaiprakash Associates' Insolvency
Jaiprakash Associates, a key entity within the Jaypee Group founded by Jaiprakash Gaur, entered insolvency proceedings in 2024. The company faces admitted claims exceeding ₹57,000 crore, highlighting the severe financial strain it has been under.
Its substantial assets include a diverse portfolio spanning cement operations, various real estate projects, power generation facilities, and the renowned Buddh International Circuit Formula One track located in Greater Noida. The Committee of Creditors had approved Adani Enterprises’ resolution plan in November 2025, securing over 93% of the voting support after a competitive bidding process that involved other prominent firms such as Dalmia Cement and Jindal Power.